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Nataly [62]
3 years ago
13

Please help!! Will mark Brainliest!!!

Mathematics
1 answer:
strojnjashka [21]3 years ago
7 0

Answer: Marc should deposit $2766

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

A = $3500

r = 8% = 8/100 = 0.08

n = 2 because it was compounded 2 times in a year.

t = 3 years

Therefore,

3500 = P(1+0.08/2)^2 × 3

3500 = P(1+0.04)^6

3500 = P(1.04)^6

3500 = 1.2653P

P = $2766

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